2% from the prior year quarter

MINI CEO Erik Olsson on Q4 2017 Results

canada goose outlet sale Sign in / Join Now canada goose outlet sale

canada goose outlet ottawa Good day, everyone and welcome to the Mobile Mini 2017 Fourth Quarter Conference Call. At this time, I would like to inform you that this conference is being recorded and that all participants are currently in a listen only mode. It is on the Investors page. canada goose outlet ottawa

canada goose outlet uk sale Before turning the call over Canada Goose Coats On Sale to Erik Olsson, Mobile Mini’s President and Chief Executive Officer, I will read the Safe Harbor statement. Before the presentation and the comments begin, Mobile Mini would like to remind you that some of the statements and responses to your questions in this conference call may include forward looking statements. As such, they are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. Any forward looking statements should be considered in conjunction with the cautionary statements in our press release and the risk factors included in our filings with the SEC, which Mobile Mini encourages you to read. In addition, please refer to the Investors section of Mobile Mini’s website to find uk canada goose outlet additional disclosures and reconciliations of non GAAP financial measures that will be used on today’s call. canada goose outlet uk sale

canada goose parka uk Now, I will turn the call over to Erik Olsson. canada goose parka uk

canada goose outlet in uk Good morning, everyone and welcome to Mobile Mini’s fourth quarter 2017 conference call. I am Erik Olsson, Mobile Mini’s President canada goose and CEO and with me is Van Welch, our Executive Vice President and CFO. I am going to review the summary of the quarter and some operational highlights, Van will review the impact of the recent tax legislation, we will then open up the call for questions. canada goose outlet in uk

canada goose outlet store montreal Turning to Slide 3 canadian goose jacket and let me begin with the fact that I am extremely pleased with our Q4 results, which were exceptional for both our business segments. We positioned our Tank Pump business to capitalize on the return of demand for our customers during the quarter and as a result, we generated a 14.2% increase in rental revenue in the fourth quarter as compared to Q4 2016. Utilization for Tank Pump was very strong averaging 73% for the quarter. This is a 640 basis point increase from Q3 https://www.thebeatlestimeline.com 2017 and more than 1000 basis points higher than Q4 2016. The Tank Pump increase in demand has continued into the first quarter of 2018, with utilization very strong, actually up slightly from Q4 2017 in what is traditionally the softest quarter of the year. canada goose outlet store montreal

canada goose vest outlet Additionally, we continued to do well with large accounts and during the quarter Tank Pump extended the contract with our largest customer for an additional 5 years and expanded the contract to include the recently acquired operations. We also entered a multiyear agreement with a large blue chip customer with whom we have not recently conducted any business. This is in addition to the three wins we had in Q3. Storage Solutions rental revenues were up 9.8%, adjusted for currency, and reflect record high seasonal rentals, as well as healthy performance in the core business. canada goose vest outlet

canada goose outlet uk The economic environment for our end markets was positive and solid for the quarter. Looking at the main drivers of our business: Real GDP in the US continues to be steady and is forecast to remain above 2% in 2018. In the UK, GDP growth and construction activity have slowed and the near term outlook remains flat to moderate. We do face uncertainty in the UK economy as the effects of BREXIT remain to be seen. canada goose outlet uk

canada goose outlet usa The Construction segment experienced healthy levels of demand which is expected to continue. The Retail business is stable as our customer base is primarily free standing retail stores and not mall based stores, where most if not all of the retail pressures have been concentrated so far. The Industrial segment has begun to improve and trend more in a positive direction. Oil prices are trending higher contributing to an improving environment in this sector. Turnaround and maintenance activity was up in the quarter compared to the first nine months of 2017 and the prior year. canada goose outlet usa

canada goose outlet jackets The Upstream segment, which is approximately 2% of our revenues, continues to see increasing rig counts. So overall a very healthy environment in the quarter and one that we expect to continue to experience in 2018. canada goose outlet jackets

canada goose stockists uk We continue to receive very positive feedback from our customers around our digital transformation, including MM Connect, our 24/7 customer portal, and on the Tank Pump side, EnviroTrack which enables remote monitoring of equipments to gauge usage, status and condition. In particular EnviroTrak has become a tool our sales force utilizes to gain an audience with potential customers Canada Goose Jackets and to gain traction with our existing customers for additional market share. We look forward to continuing to leverage our SAP platform and introduce additional solutions going forward. canada goose stockists uk

canada goose outlet niagara falls As you can see, our commitment to the safety of our employees and our business partners has resulted in a remarkable decrease in our North American total recordable incident rate in 2017, which averaged below 0.59 and is down 60% as Canada Goose Parka compared to 2016. In the UK, the reportable accident frequency rate is at 0.7 and both of these stats are world class thebeatlestimeline and industry leading and something you can’t reach without the strong safety culture and well organized operations. An exceptional safety record is an important decision factor for many of our customers and also drives cost savings from Mobile Mini in the form of decreased insurance and claim costs. canada goose outlet niagara falls

canada goose outlet reviews With this canada goose coats on sale as a backdrop, I am turning to Slide 4 financial highlights. We generated great fourth quarter executing on our strategic initiatives. We achieved strong year over year growth in units on rents and continued to drive strong year over year rental rate performance. Total buy canada goose jacket rental revenues, which include both Storage Solutions and Tank Pump were up 10.6% year over year. Within Storage Solutions, our rental revenues increased 9.8% driven by seasonal increases, healthy core business and rental rate growth. Average total units on rents were up 5.3% in the fourth quarter compared to the prior year. Consistent with our discussion last quarter, our peak 2017 seasonal units on rent were more than 20% higher than 2016. canada goose outlet reviews

canada goose outlet store uk Our seasonal business was accretive to our overall fourth quarter rental rate increase of 4.2% year over year on total units on rents. Rates on newly rented units were up 5.1%, again with seasonal units being accretive. This rate performance underscores the fact that customers do place a premium on our national footprint and our superior service and quality products, especially our national customers. Q4 North American core activations canada goose coats increased 7% year over year. Demand continues to be strong into 2018 with both activations and pending orders trending well ahead of this time in 2017. The UK business delivered mixed results with a 6% increase in total revenues, while at the same time facing margin pressure given the market conditions, canada goose uk outlet competition and uncertainty in the economy. canada goose outlet store uk

canada goose outlet toronto address Turning to the Tank Pump side, rental revenues were up 14.2%, with increases in all three segments. We believe we have seen an inflection point in the Tank Pump segments, with increased sequential rental revenue throughout 2017. Utilization calculated using original equipment cost has also been increasing. Our average utilization was 73% in Q4 and we finished canada goose uk shop the quarter at 71.2% and this strong utilization continued into January as mentioned earlier. Rental revenues were up year over year due to the resumed maintenance activity canada goose black friday sale which downstream customers have deferred throughout much of 2016 and 2017 to focus on production. In addition, we have been able to more deeply penetrate our markets Canada Goose sale both by winning new customers and by generating more business with existing customers. As a whole, we executed on our strategies by hiring talented team members and delivering quality products and services, which positioned Mobile Mini to take advantage of positive industry trends in our underlying markets. So, the improvement in the Tank Pump business is broad based in terms of M segments and geographies. And in addition as mentioned earlier in the fourth quarter, we leveraged our relationship with one of our large customers to expand our business and we also entered into an agreement with the new customer. Both these contracts are multiyear. canada goose outlet toronto address

canada goose outlet germany Rental rates do continue to be challenging in Tank Pump and year over year rental rates were down 4.1%. As demand continues to strengthen, we expect the rate environment to stabilize and improve. We achieved total adjusted EBITDA of $55.6 million, with a margin of 37.9%. As anticipated and communicated on the Q3 call, the company recorded increased variable compensation of $5.9 million in the fourth quarter mitigating our profit flow through. This headwind uk canada goose of increased variable compensation expense is expected to decline during 2018 and primarily in the second half of the year. Our underlying margins though are strong and improving, excluding the effect of the variable compensation. The adjusted EBITDA margin increased approximately 70 basis points over the fourth quarter in the prior year. We generated $18.2 million of free cash flow in Q4 marking our 40th consecutive quarter of positive free cash flow. And all of this has resulted in Q4 adjusted diluted earnings per share of $0.41 per share. So, overall, a really great quarter with many real positive trends in the business, including a breakout quarter for our Tank Pump business, record high Storage Solutions seasonal business and solid core activity for both volume and rates within the Storage Solutions segment. We expect that momentum generated in the fourth quarter will continue into 2018 for both our business segments. canada goose outlet germany

canada goose outlet store new york Turning to Slide 5 and this slide highlights our diverse geographies and customer base. As you can see from the first pie chart on the right, we have a very balanced end market mix. Our largest segment is construction at 41% of revenues followed by industrial and commercial at 23%, which includes much of our Tank Pump business as well as traditional industrial segments. And third is consumer services and retail at 22% of which pure retailers are 15%. This means that we maintain a broad diverse customer base in attractive segments, with ample opportunities for continued growth. canada goose outlet store new york

canada goose outlet mississauga We expect growth in all our North American end markets, including our retail business where remodeling activity has had an uptick thus far in 2018 and we continue to take market share. Outlook in the UK which represents approximately 16% of our total revenues however remains uncertain. The net promoter score, which measures our customer loyalty on the lower right graph shows that we have high marks from our customer base. Our Q4 NPS of 84% Canada Goose online remains at world class levels and validates that our highest value provider strategy to drive rates and volume is working. We also have a diverse geographic footprint, with 154 locations, Canada Goose Online of which 121 are Storage Solutions, 17 are Tank Pump and 16 are shared locations. canada goose outlet mississauga

canada goose coats uk Moving on to Slide 6 and this slide shows our utilization by segment and the size of our rental fleet. As demonstrated on the upper left, we increased average Storage Solutions utilization to 75.7% for the quarter and we ended the quarter at 74.1%. This increase in utilization was driven by high seasonal units on rent as well as solid growth in our core business. Average units on rent increased 5.3% canada goose clearance sale in Storage Solutions year over year. In our Tank Pump business, OEC utilization for the quarter was up more than a 1,000 basis points year over year, Sequentially, OEC utilization was up 640 basis points. Within Tank Pump, the downstream OEC utilization averaged 75.2%, which is well above Q3 ’17 levels. And as of the end of the quarter, downstream OEC utilization remains strong at 72.7%. canada goose coats uk

canada goose outlet winnipeg Turning to Slide 7 and this slide illustrates the power of our differentiated products and disciplined execution on our sales strategy as demonstrated in our year over year rate and yield increase in Storage Solutions. As mentioned, our Q4 rental rates were up a robust 4.2% year over year. Rates Canada Goose Outlet on newly placed rental units were up 5.1%. The interest rate canada goose uk black friday was impacted by seasonal units placed on rent in the quarter. Typically, seasonal rentals are at higher rates than core rentals and sequentially our rates were up a healthy 1%. We are able to achieve this industry leading or premium rental rates by focusing on our differentiated products and superior fleets, our exceptional service, including digital solutions and our strong sales teams. As we move forward, we believe that we will sell value we can continue to achieve average annual rate increases of approximately 2% to 3% over the cheap canada goose uk cycle. canada goose outlet winnipeg

canada goose outlet in chicago I will now hand over the call to Van who will cover the financials. canada goose outlet in chicago

canada goose jacket outlet uk Thanks, Eric and good morning to everyone. Moving to Slide 9 and revenue highlights, you will find total company fourth quarter rental revenues adjusted for currency increased 10.6% over the prior year due to strong performance from Storage Solutions and a breakout quarter in our Tank Pump business. For Q4, Storage Solution rental revenues were up 9.8%. This increase in Storage Solution rental revenues was driven by buy canada goose jacket cheap increases in both rental rates and units on rent. The unit on rent growth includes a very strong seasonal business as discussed by Erik. At peak, we had over 21,000 seasonal units on rent, a 20% increase year over year. Our partnerships with national accounts have strengthened and continue to strengthen as we develop new and innovative ways to canada goose store meet their needs. canada goose jacket outlet uk

canada goose outlet black friday Tank Pump rental revenues increased 14.2% from the prior year quarter. The increase was due to the resumption of maintenance at some of our largest customers as well as increased activity throughout the segment. We also had some residual hurricane related business around $500,000 in the quarter. We expect Tank Pump demand to continue at Q4 ’17 levels as we head into 2018. Additionally now that the utilization is strong, we expect rates which have been challenged to stabilize with some potential for growth on canada goose factory sale future contracts. To further demonstrate the improvement in Tank canada goose clearance Pump on a sequential basis, rental revenues were up 10.9% from Q3 levels. canada goose outlet black friday

canada goose jacket outlet sale Turning to Slide 10 and profitability, we achieved total adjusted EBITDA of $55.6 million, with a margin of 37.9% for the quarter. Excluding the effect of $5.9 million higher year over year variable comp, margins improved year over year. In Storage Solutions, we generated adjusted EBITDA of $47.2 million, with a margin of 39.5%, which was down 490 basis points year over year primarily cheap Canada Goose due to increased payroll and variable compensation and higher costs related to the increased rental activity. For our Tank Pump business, we achieved adjusted EBITDA of $8.4 million with a margin of 30.9%. The $2.3 million year over year increase in adjusted EBITDA is due to the $3.9 million increase in revenues partially offset by increased higher compensation and variable compensation. We expect flow through from consolidated company to normalize at 60% to 65% of revenues in 2018. canada goose jacket outlet sale

canada goose outlet vip Continuing to Slide 11, the company’s fourth quarter adjusted rental selling and general expense was $87.5 million, which was up $13.8 million year over year. This is largely due to the increased variable compensation noted earlier. Excluding the $5.9 million increase in variable compensation, the rental selling and general expense was up $7.9 million or approximately 11% due to increase in salaries, transportation costs and cross hire expense, primarily related to higher levels of rental activity. Adjusted rental, selling and general expense as a percent of total revenue increased 360 basis points to 59.6% for Q4 2017. Adjusted for the increased variable comp, rental selling and general expense as a percentage of total revenues, is down year over year canada goose outlet vip.

Рекомендуем также следующие статьи:


Поделиться с друзьями:



Оставить комментарий

Вы должны зайти чтобы оставить комментарий